NEW DELHI: Infrastructure firm Dilip Buildcon has received market regulator Sebi's approval to raise at least Rs 430 crore through an initial public offering (IPO).

The company, which had filed its draft red herring prospectus (DRHP) with Sebi on February 1 for launching the IPO, received clearance from the regulator on March 10, according to the latest update.

The IPO comprises fresh issue of shares aggregating up to Rs 430 crore and offer for sale of 11.36 lakh shares held by its promoters Dilip Suryavanshi and Devendra Jain, and private equity fund BanyanTree Growth Capital.

The proceeds of the issue will be used for repayment and pre-payment of certain portion of term loans to meet working capital requirements and other corporate purposes.

Dilip Buildcon is one of the leading private sector road-focused EPC contractors in India.

Axis Capital Ltd, IIFL Holdings, JM Financial Institutional Securities and PNB Investment Services are the book running lead managers to the issue.

The shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).

This is the company's second attempt to hit the capital markets. In March last year, the company had filed draft papers with the regulator in order to raise Rs 650 crore through an IPO.

It had received approval from Sebi in June 2015, but the company decided to withdraw the draft papers in January and file fresh papers. It, however, did not disclose the reasons for the withdrawal.